Donald Trump

President Donald Trump

The XRP price has increased over the past week, making higher lows against horizontal resistance, forming an ascending triangle that may breakout to the upside. The price of XRP hovered around $0.60 during the European session on Thursday, a 0.2% decline in the last 24 hours. The XRP price analysis remains bullish as the market awaits the outcome of the SEC closed meeting scheduled for July 25, 2024, at 2:00 p.m. EST.&nbsp; 
The general speculation in the crypto community is a potential Ripple-SEC case settlement may be forthcoming. Nevertheless, there is no evidence to support his speculation, and it could turn out to be a classic sell-the-news event. 
<h2 id="b-is-the-new-us-political-crypto-landscape-good-for-xrp-price-b">Is the New US Political-Crypto Landscape Good for XRP Price?</h2> 
The political landscape in the United States regarding cryptocurrencies has improved tenfold in the last month. Former President Donald Trump is already an outspoken supporter of Bitcoin and cryptocurrencies and will attend and speak at the <a href="https://coingape.com/bitcoin-conference-tomorrow-what-to-expect/">Bitcoin Conference</a> 2024. 
Similarly, the recent speedy approval of spot Ethereum ETFs highlights a change in the U.S. government’s stance on crypto. Nevertheless, the current U.S. ruling party has not viewed digital assets favorably. Most recently, Vice President Kamala Harris declined an invitation to speak at the Bitcoin Conference 2024, which begins today. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Kamala Harris will not be speaking <a href="https://twitter.com/TheBitcoinConf?ref_src=twsrc%5Etfw">@TheBitcoinConf</a>. No surprise. What can she say to us when she’s actively imprisoning developers, forcing our industry overseas, attacking PoW… it would have been a disaster for her. 
 All eyes on Trump now. 
 — David Bailey<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1f5-1f1f7.png" alt="🇵🇷" class="wp-smiley" style="height: 1em; max-height: 1em;"> $0.65mm/btc is the floor (@DavidFBailey) <a href="https://twitter.com/DavidFBailey/status/1816114440569323713?ref_src=twsrc%5Etfw">July 24, 2024</a>
</blockquote> 
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The SEC Chair Gary Gensler is a known Democrat, and his open assault on the crypto industry represents the Democratic Party’s stance on digital assets. If the SEC closed meeting does not result in a settlement, it could quickly become a sell-the-news event, and the ripple effects may impact the XRP price.&nbsp; 
<h2 id="b-open-interest-volume-suggest-market-is-bullish-on-xrp-price-b">Open Interest, Volume Suggest Market is Bullish on XRP Price</h2> 
Data from Coinalyze shows that the aggregated open interest (OI) for XRP increased by 9.54% in the last 24 hours, signifying that more investors are positioned in the asset.&nbsp; 
On July 9, the XRP OI hit its lowest level ($327.48M) since September 2023 amid a general market panic following the German Bitcoin sell-off. Since then, the OI has been up 79%. 
According to <a rel="nofollow" href="https://www.coingecko.com/en/coins/xrp">CoinGecko</a>, the XRP trading volume surged 34.4% in the last 24 hours, signalling a recent rise in market activity.&nbsp; 
<h2 id="b-hashdex-nasdaq-etf-added-xrp-to-its-list-of-crypto-assets-b">Hashdex Nasdaq ETF Added XRP to Its List of Crypto Assets</h2> 
According to its official website, the Hashdex Nasdaq Crypto Index ETF (HDEX.BH) is a fully physically backed ETF that tracks the Nasdaq Crypto Index <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2122.png" alt="™" class="wp-smiley" style="height: 1em; max-height: 1em;"> and offers diversified exposure to crypto assets. Hashdex submitted its S-1 form for the crypto index fund ETF on July 24 and will begin with ETH and BTC. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 HERE IT IS — The S-1 for the Hashdex Crypto Index Fund ETF! 
 It will start with ETH and BTC, then adding more assets in the future. (currently has XLM) <a href="https://t.co/rGggiLNfwB">https://t.co/rGggiLNfwB</a> <a href="https://t.co/mcH8zMy5fo">pic.twitter.com/mcH8zMy5fo</a> 
 — Chad Steingraber (@ChadSteingraber) <a href="https://twitter.com/ChadSteingraber/status/1816229324472869023?ref_src=twsrc%5Etfw">July 24, 2024</a>
</blockquote> 
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Hashdex has added XRP to its portfolio, bringing the total to 11 crypto assets. This development fuels further speculation and optimism concerning an XRP ETF coming soon. 
<h2 id="b-xrp-price-analysis-bulls-might-score-34-rally-if-this-happens-b">XRP Price Analysis: Bulls Might Score 34% Rally if This Happens</h2> 
<figure id="attachment_209360" aria-describedby="caption-attachment-209360" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-209360" src="https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-25-at-08.52.51.jpeg" alt="XRP Price Analysis" width="1280" height="539" srcset="https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-25-at-08.52.51.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-25-at-08.52.51-300x126.jpeg 300w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-25-at-08.52.51-1224x515.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-25-at-08.52.51-768x323.jpeg 768w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-25-at-08.52.51-150x63.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
 <figcaption id="caption-attachment-209360" class="wp-caption-text">
 XRP Price Analysis Chart
 </figcaption>
</figure> 
The overall trend for the <a href="https://coingape.com/price/xrp">price of XRP</a> remains upward, following the earlier downtrend. The price is consolidating toward the resistance level at $0.631. If the price breaks above this level with substantial volume, it could indicate a bullish continuation.&nbsp; 
Our XRP analysis shows that key resistance levels to watch for on the upside include $0.649, $0.70, and $0.766. The price is trending above the 50-day and 200-day exponential moving averages (<a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a>), reinforcing the upward trend. A break below the ascending triangle and XRP may find support at the 200 EMA ($0.528) or lower at $0.47. 
The post <a href="https://coingape.com/markets/whats-next-for-xrp-price-ahead-of-sec-closed-door-meeting/">XRP Price Analysis: Is SEC Closed Door Meeting A Sell The News Event?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

XRP Price Analysis: Is SEC Closed Door Meeting A Sell The News Event?

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